September 12, 2013- Stocks Close Lower as Markets Overbought

After showing a lack of direction earlier in the session, stocks are seeing modest weakness in mid-day trading on Thursday. Selling pressure has remained relatively subdued, however, limiting the downside for the markets. Currently, the major averages are posting modest losses, near their worst levels of the day. The Dow is down 34.16 points or 0.2 percent at 15,292.44, the Nasdaq is down 8.10 points or 0.2 percent at 3,716.91 and the S&P 500 is down 5.64 points or 0.3 percent at 1,683.49. Profit taking may be contributing to the modest weakness on Wall Street, with the Dow and the S&P 500 giving back ground after ending the previous session at their best closing levels in almost a month. The tech-heavy Nasdaq is adding to the slim loss posted on Wednesday, pulling back further off the nearly thirteen-year closing high set on Tuesday. Uncertainty about the outcome of next week's Federal Reserve meeting may also be weighing on the markets, with traders questioning whether or not the central bank will begin scaling back its asset purchase program.